Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2021 and June 30, 2020, respectively:

Millions of dollars	Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2020	$	2,666	$	—	$	(6,021)	$	8,691	$	(362)	$	9	$	4,983
Comprehensive income (loss):
Net income	—		—		—		170		—		1		171
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans (a)	—		34		144		(112)		—		—		66
Other	—		—		—		—		—		(1)		(1)
Balance at March 31, 2021	$	2,666	$	34	$	(5,877)	$	8,709	$	(362)	$	9	$	5,179
Comprehensive income (loss):
Net income	—		—		—		227		—		3		230
Other comprehensive income	—		—		—		—		2		—		2
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans	—		(8)		69		—		—		—		61
Other	—		—		—		—		—		(3)		(3)
Balance at June 30, 2021	$	2,666	$	26	$	(5,808)	$	8,896	$	(360)	$	9	$	5,429

(a) In January of 2021, we issued common stock from treasury shares for the employee stock purchase plan and for restricted stock grants. As a result, additional paid in capital in January of 2021 was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Millions of dollars	Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2019	$	2,669	$	143	$	(6,427)	$	11,989	$	(362)	$	13	$	8,025
Comprehensive income (loss):
Net income (loss)	—		—		—		(1,017)		—		2		(1,015)
Other comprehensive income	—		—		—		—		11		—		11
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	—		(33)		115		—		—		—		82
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2020	$	2,669	$	110	$	(6,412)	$	10,814	$	(351)	$	13	$	6,843
Comprehensive income (loss):
Net loss	—		—		—		(1,676)		—		(5)		(1,681)
Other comprehensive income	—		—		—		—		9		—		9
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans	(3)		15		54		—		—		—		66
Other	—		—		—		—		—		(1)		(1)
Balance at June 30, 2020	$	2,666	$	125	$	(6,358)	$	9,098	$	(342)	$	7	$	5,196

Our Board of Directors has authorized a program to repurchase our common stock from time to time. There were no repurchases made under the program during the three and six months ended June 30, 2021. Approximately $5.1 billion remained authorized for repurchases as of June 30, 2021. From the inception of this program in February of 2006 through June 30, 2021, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion.

Accumulated other comprehensive loss consisted of the following:

Millions of dollars	June 30, 2021		December 31, 2020
Defined benefit and other postretirement liability adjustments	$	(225)	$	(226)
Cumulative translation adjustments	(84)		(83)
Other	(51)		(53)
Total accumulated other comprehensive loss	$	(360)	$	(362)